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Flashback Friday with Cap’n Jazz

It just seemed like now is the right time to flash back to Cap’n Jazz with talks of reissuing discographies, reunion shows, and pretty much talking about them everyday of my life.

“With only one full-length album to their name alongside a handful of singles and compilation tracks, Cap’n Jazz left a longstanding impression and irrefutable influence on the region’s bohemian punk scene and unwittingly spawned a breeding ground for future scene stars such as the Promise Ring and Joan Of Arc. Traces of their sonic fingerprint permeate hundreds of indie records released in their wake.”

They’re playing on 7/17 in Chicago, IL at Bottom Lounge (Sold Out) and reissuing their discography on vinyl via Jadetree June 15th, 2010.

Also check out the Weekly Check In I did with Tim Kinsella last year.

[Audio clip: view full post to listen]
MP3 >> Cap’n Jazz – Oh Messy Life

[Audio clip: view full post to listen]
MP3 >> Cap’n Jazz – Que Suerte!

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MP3 >> Cap’n Jazz – Ooh Do I LoveYou

(honestly it was so hard not to just post the entire record)

Watch an entire Cap’n Jazz show from my hometown of Kansas City at the Daily Grind from 7/10/1995 on Youtube.

Disclaimer: I listened to Ska music pretty seriously in 1995 (just being honest) so I wasn’t at this show, but my friend’s were. I think I recorded 100 bootlegs of it when I helped out with Kosher Grimace (yes named after a Man Is The Bastard song) video distro and that’s good enough for me.

Listen to more at Myspace.
Buy the Cap’n Jazz Analphabetapolothology at Amazon.
Learn more at Jadetree.

The Dangers of Common Knowledge

WASHINGTON—The U.S. economy ceased to function this week after unexpected existential remarks by Federal Reserve chairman Ben Bernanke shocked Americans into realizing that money is, in fact, just a meaningless and intangible social construct.

..."Though raising interest rates is unlikely at the moment, the Fed will of course act appropriately if we…if we…" said Bernanke, who then paused for a moment, looked down at his prepared statement, and shook his head in utter disbelief. "You know what? It doesn't matter. None of this—this so-called 'money'—really matters at all."

"It's just an illusion," a wide-eyed Bernanke added as he removed bills from his wallet and slowly spread them out before him. "Just look at it: Meaningless pieces of paper with numbers printed on them. Worthless."

According to witnesses, Finance Committee members sat in thunderstruck silence for several moments until Sen. Orrin Hatch (R-UT) finally shouted out, "Oh my God, he's right. It's all a mirage. All of it—the money, our whole economy—it's all a lie!"

Screams then filled the Senate Chamber as lawmakers and members of the press ran for the exits, leaving in their wake aisles littered with the remains of torn currency.

More here.

Is there a case for a VAT?

I outlined it yesterday, to a small group at GMU.  My tale went as follows:

1. The United States is on an unsustainable fiscal path.

2. For whatever reason, long-term interest rates don't reflect this problem.  There will either be a sudden collapse of demand for government securities, or the current market already is figuring we will get a VAT.  Either way it is more revenue for the government or a Greece-like scenario writ large.

3. I would prefer spending cuts, but voters seem too irrational to be willing to cut spending; here the libertarian argument comes back to bite us on the bum.  They might be willing to cut spending once a financial crisis arrives (though maybe not), but then there will be days or only hours for decisive action.

4. We could, for now, wait and postpone fiscal reform.  That means encountering a sudden collapse some number of years from now.  We will then clean up the budget in some way, but under a TARP sort of mood rather than what we might do today.

5. We'll get a better deal, and make wiser decisions, if we do it today rather than in a panic.  Plus another financial crisis would prove deadly to both the budget and to the quality of economic thinking.

6. There exists a credible bipartisan deal which involves at least half the VAT revenue for deficit reduction, combined with cuts, or slower increases, in marginal tax rates on income and perhaps an elimination of the corporate income tax.  Spend some of the rest on health care for the poor, if that is the deal on the Democratic side.

I am by no means convinced this argument is correct but I would like to hear the strongest arguments against it.  No one I talked to succeeded in defeating it, other than mentioning they don't like the idea of more revenue for the government.  You will notice I structured the argument to be as neutral on the "left vs. right" question as possible.

You'll notice the use of a pivot here: the common "right-wing" views that a fiscal crisis would be awful, voters are irrational, and governments make bad decisions in panic times, are used to favor a VAT.

I wonder: how many people agree with this argument, but they are unwilling to say so because they don't want to weaken their bargaining position if and when a "deal" is put on the table.

Addendum: You'll notice that on Sunday Greg Mankiw mentioned that a VAT might be the best of available alternatives.

My Year Of Mixtapes

My Year of Mixtapes is Chicago-based DJ/producer Chrissy Murderbot’s heroic attempt to do one mixtape a week for a year. So far, so good.

His knowledge of obscure genres, their history and the connections between seemingly disparate artists is truly impressive. Who else is doing killer mixes of Kraftwerk, UK Rave from 1991 AND Bobby Orlando? Probably no one. Personally favorites of mine are Week 26: Classic Ragga Jungle and Week 36: Italo-Disco. And Week 32: Weed Songs is well-suited for those special times.

Chrissy’s own work as a DJ and producer can be found at murderbot.com. He also runs Sleazetone records – purveyors of highly sleazy tunes.

Cohen.

Why Bernanke should be reconfirmed

Jim Hamilton nails it.  Excerpts:

Please permit me to suggest that intellectual stamina is the most important quality we need in the Federal Reserve Chair right now.

And:

How could there possibly be an alternative whom Barbara Boxer (D-CA) and Jim DeMint (R-SC) would both prefer to Bernanke?

Elsewhere I have to strongly differ with the Johnson-Kwak proposal that Paul Krugman be selected.  I don't intend this as a negative comment on Krugman, if anything I am suggesting he is too dedicated to reading and writing and speaking his mind.  The Fed Chair has to be an expert on building consensus and at maintaining more credibility than Congress; even when the Fed screws up you can't just dump this equilibrium in favor of Fed-bashing.  What lies on the other side of that curtain isn't pretty.  Would Krugman gladly suffer the fools in Congress?  Johnson and Kwak are overrating the technocratic aspects of the job (which largely fall upon the Fed staff anyway) and underrating the public relations and balance of power aspects.  It's unusual that an academic will be the best person for the job.

I also have to put the kibbosh on plans which postulate Bernanke as failing to receive reconfirmation but staying on the Board and letting Donald Kohn slide into the de fact #1 slot and everyone working together as before.  That's just not how things work.  Bernanke would more likely leave, plus outsiders would not know who was in charge or what the default was if the cooperation should break down.  The resulting reputational equilibrium would again prove unworkable or at least highly disadvantageous.

Overall when I read these discussions I realize that my theories of public choice are very, very different from those of some of the other commentators.